By Lisa Kerner
Charlotte, N.C., Jan. 31 - Conor Medsystems, Inc. said its stockholders approved the merger agreement between the company, Johnson & Johnson and Cordis Corp., a wholly owned subsidiary of Johnson & Johnson.
The $1.4 billion transaction announced on Nov. 16 is expected to close within the next few days, according to a company news release.
Conor Medsystems' stockholders will receive $33.50 for each outstanding share of the company's stock.
Menlo Park, Calif.-based Conor Medsystems develops controlled vascular drug-delivery technologies.
Johnson & Johnson is a New Brunswick, N.J.-based pharmaceutical company.
Cordis is an endovascular research company based in Miami.
| Acquirer: | Johnson & Johnson
|
| Target: | Conor Medsystems, Inc.
|
| Payment per share: | $33.50
|
| Announcement date: | Nov. 16
|
| Expected closing: | Early February
|
| Stock price for target: | Nasdaq: CONR $33.22 on Jan. 31
|
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